The dispute between Shopee and Mercado Libre in Brazil has gained a new front: credit. According to a survey by BTG Pactual based on CVM data, FIDCs ( Investment Funds in Credit Rights) linked to Shopee grew by 222% in the last 12 months, reaching a short-term portfolio of R$ 5.8 billion.
"The pace of expansion suggests that Shopee is increasingly using credit as part of its broader ecosystem strategy in Brazil, going beyond marketplace competition and moving into fintech, funding , and user monetization," says BTG Pactual in a report.
The BTG survey consisted of an analysis of the two FIDCs (Investment Funds in Receivables) listed with the CVM (Brazilian Securities and Exchange Commission) linked to Shopee in Brazil: Monee FIDC I and Monee FIDC II. According to the bank, the main engine of expansion is Monee FIDC I, a vehicle that has existed since around 2022, but only began to gain traction more aggressively from 2025 onwards.
Shopee's portfolio of FIDCs (Investment Funds in Credit Rights) already represents approximately 75% of Mercado Libre's comparable portfolio in the same type of vehicle, estimated at R$7.7 billion. However, BTG notes that FIDCs represent only 25% of the company's Brazilian portfolio, which is increasingly resorting to alternative funding sources.
Still, for the bank, Shopee's progress is noteworthy for the speed and scale it has already achieved in these platforms.
The short-term portfolio of Monee FIDC I grew from R$1.47 billion in January 2025 to R$5.82 billion in the most recent data—an expansion of almost four times. The creation of a second fund, Monee FIDC II, in the second half of 2025, is interpreted by BTG as a sign that Shopee is seeking more funding flexibility and may be preparing for a further expansion of its credit offerings in the country.
The Monee II documentation also suggests a structure ready to expand funding. In May, the fund adjusted its methodology for provisioning for delinquency, and its regulations already provide for senior and subordinated tranches, with the possibility of automatic offering.
According to BTG's assessment, the expansion of Shopee's FIDCs shows that the competition in Brazilian e-commerce is no longer limited to GMV, freight subsidies, take rates , and logistics. "Credit is becoming another strategic layer," the report states.
However, given the recent growth in Shopee's FIDC funds, BTG analysts recommend caution regarding default rates, which may still be favored by the portfolio's low maturity level.
According to data compiled by the bank, delinquency rates exceeding 90 days in the consolidated portfolio rose from 1.4% in January 2025 to 3.0% in April 2026. Meanwhile, delinquencies between 1 and 90 days fell from 11.1% to 7.1% during the same period.
For BTG, the main points to monitor going forward are portfolio maturation and the shift towards delinquency rates exceeding 90 days.
Shopee's offensive in credit comes at a time when the dispute with Mercado Libre is becoming increasingly intense . According to BTG, since mid-2025, Mercado Libre has accelerated investments in logistics, pricing, seller support, free shipping, and credit to sustain its leadership in scale, assortment, and customer experience.
The cost of this strategy is already showing in the numbers. In the first quarter, Mercado Libre's margin in Brazil fell from 17.6% to 8.1%, pressured by investments to maintain e-commerce growth and by provisions related to credit expansion.
A report from BofA also shows that Shopee still led in combined app and website traffic in Brazil, with 33.7% in February, but Mercado Livre narrowed the gap, going from 21.6% in May 2025 to 28%.
